#PENGU recently pushed into the major descending resistance and got rejected right below the long-term trendline, showing that sellers are still defending the macro structure.
Right now, price is pulling back into the 0.5–0.786 Fibonacci retracement zone, which is acting as the key demand area in the short term. This orange box is the most important region to hold if bulls want continuation.
What makes this setup interesting is that the market already created a strong impulsive move from the range low near 0.0060, meaning current weakness still looks more like a corrective retest rather than a full bearish breakdown.
If buyers defend this support zone and reclaim momentum, PENGU could attempt another breakout toward:
0.0105
0.0140
Potentially 0.0160+ if the macro downtrend finally breaks.
But if price loses the highlighted demand area, the market could revisit the lower support around 0.0060 again before any larger upside continuation.
For now, this is a critical reaction zone and the next move from here will likely decide whether PENGU transitions into a larger reversal structure or remains trapped inside the macro downtrend.
Right now, price is pulling back into the 0.5–0.786 Fibonacci retracement zone, which is acting as the key demand area in the short term. This orange box is the most important region to hold if bulls want continuation.
What makes this setup interesting is that the market already created a strong impulsive move from the range low near 0.0060, meaning current weakness still looks more like a corrective retest rather than a full bearish breakdown.
If buyers defend this support zone and reclaim momentum, PENGU could attempt another breakout toward:
0.0105
0.0140
Potentially 0.0160+ if the macro downtrend finally breaks.
But if price loses the highlighted demand area, the market could revisit the lower support around 0.0060 again before any larger upside continuation.
For now, this is a critical reaction zone and the next move from here will likely decide whether PENGU transitions into a larger reversal structure or remains trapped inside the macro downtrend.
Market Structure • Price Action • Crypto Updates
🔗 Telegram: t.me/Coach
🔗 Telegram: t.me/Coach
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Market Structure • Price Action • Crypto Updates
🔗 Telegram: t.me/Coach
🔗 Telegram: t.me/Coach
免责声明
这些信息和出版物并非旨在提供，也不构成TradingView提供或认可的任何形式的财务、投资、交易或其他类型的建议或推荐。请阅读使用条款了解更多信息。